France-based The Blockchain Group bought 580 BTC for €47M, investing in its Bitcoin Treasury Company strategy.

We have seen a massive purchase by a European player, although we see it more often from American players.

France-based The Blockchain Group has bought 580 BTC for €47M to invest in its Bitcoin Treasury Company strategy, according to a statement by Swissquote Bank Europe.

This transaction was carried out by The Blockchain Group Luxembourg SA, while trading and custodial services were provided by Swissquote Bank Europe SA.

The Blockchain Group is known for its Bitcoin Treasury Company strategy, which they launched in January 2023 with an initial investment of 40 BTC. The company's goal is to build a treasury with a core allocation to Bitcoin and provide regular updates on its performance.

The company's treasury holdings have since grown to 620 BTC, valued at approximately €50,560,770. They also report a BTC yield of 5.32%, a BTC gain of 142.18%, and a BTC € gain of 138%.

"We are pleased to have supported The Blockchain Group with this transaction," said Ivan Rakhmanov, Head of Digital Banking at Swissquote Bank Europe. "This investment reflects the increasing interest in Bitcoin as a core asset class among institutional investors."

The Blockchain Group's investment strategy is focused on long-term value creation and aims to generate returns from both Bitcoin price appreciation and yield-generating products. The company's treasury management practices are designed to ensure transparency and accountability to its stakeholders.

"We are proud to be supporting The Blockchain Group with their Bitcoin investment journey," added Fabrice Haevischer, CEO of The Blockchain Group. "This transaction underscores our commitment to providing innovative and tailored financial solutions that meet the evolving needs of our clients in today's dynamic market."

The Blockchain Group is a leading provider of financial and technological solutions in Europe, with a strong focus on blockchain and cryptocurrency. The company serves a diverse clientele ranging from private and institutional investors to family offices and government bodies.

As American players like BlackRock expand to Europe and local ones become more active, we can expect to see more institutional-scale crypto investments in the region.